2019 - Economics Term Exam - make-up
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1. The process of creating goods and services by growing crops and raising animals to provide food, wool, and other products *
2. A decrease in the general level of prices *
3. A situation in which unlimited wants exceed the limited resources available to fulfill those wants *
4. The quantity of a good or a service that consumers want at each of its possible prices.  Prices usually increase when the demand for a product is greater than the supply. *
5. When there is no excess quantity demanded or supplied and the price at which the demand curve intersects the supply curve. *
6. Cost of the next best alternative use of money, time, or resources when one choice is made rather than another *
7. The portion of people in the labor force who are not working *
8. That which is given up in an exchange to acquire a good or service *
9. Money made on financial assets that mature within less than a year. *
10. The business of buying and selling or exchanging items *
11. Used by countries to conduct international trade *
12. Something that has magnitude, size, or amount *
13. What is paid when a decision is made. *
14. What is gained when a decision is made *
15. Financial reasons, such as sales, rebates, and coupons, that encourage people to act *
16. The study of the costs and benefits of doing a little bit more of an activity versus a little bit less *
17. System of pricing determined by the government *
18. Actions, awards, or rewards that encourage people to act. *
19. The quantity of a good or a service that producers will provide at each of its possible prices.  Prices usually decrease when the supply of a product is greater than the demand for it. *
20. An economic system in which individuals, not the government control the production and distribution of goods and services; also called capitalism *
21. The banking, stock, and bond markets, which channel private savings and foreign lending into investment spending, government borrowing, and foreign borrowing *
22. All the businesses that make one kind of product or provide one kind of service *
23. A general and progressive increase in prices *
24. The percentage change in the level of economic activity from one year to the next *
25. Money made on  financial assets that mature a number of years into the future. *
26. The tools, equipment, and buildings that are used to produce goods and services *
27. The broad category of human efforts, both physical and mental, used to produce goods and services *
28. The branch of economics that analyzes the relationships among sectors of the economy (supply and demand, money supply, interest rates, inflation, trade deficit) *
29. Branch of economics that analyzes specific factors affecting an economy (e.g. study of how best to market a product). *
30. Materials or substances such as minerals, forests, water, and fertile land that occur in nature and can be used for economic gain *
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